Yuan Pressure Mounts as Trading Disruptions Appear Once More [BNN Bloomberg (Canada)]
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Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG)
US:NYSE Investor Relations:
mizuho-fg.com/investors/index.html
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Source: BNN Bloomberg
Overnight swaps haven't traded since Tuesday, as the implied yuan price they would settle at would fall outside the managed currency's permitted 2% daily band, according to traders who asked not to be identified discussing private matters. The swaps are typically used by banks and corporates looking to settle currency transactions earlier than the industry standard of two days. In April, investors were briefly blocked from similar swap trades, when the yuan fell to the closest its been to the edge of the band since 2015. China's currency is trading at a seven-month low amid broad strength in the dollar, and was 1.997% weaker than its fixed daily reference rate on Friday, according to calculations by Bloomberg. The People's Bank of China is faced with managing a gradual decline in the yuan as a resurgent dollar weighs on currencies across the region from Japan to Indonesia. The PBOC is wary of triggering a vicious cycle of capital outflows and further losses in the currency, and f
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MFG
Sec Filings
- 6/28/24 - Form 424B2
- 6/28/24 - Form FWP
- 6/27/24 - Form 424B5
- MFG's page on the SEC website